{"id":41360,"date":"2024-05-02T19:18:44","date_gmt":"2024-05-02T19:18:44","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/02\/coforges-net-profit-declines-6-to-rs-223-crore\/"},"modified":"2024-05-02T19:18:44","modified_gmt":"2024-05-02T19:18:44","slug":"coforges-net-profit-declines-6-to-rs-223-crore","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/02\/coforges-net-profit-declines-6-to-rs-223-crore\/","title":{"rendered":"Coforge\u2019s net profit declines 6% to Rs 223 crore"},"content":{"rendered":"
\"Coforge\u2019s<\/div>


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Coforge<\/a>\u2019s net profit<\/a> declined by 6% quarter<\/a> on quarter (QoQ) at Rs 223 crore in the March quarter of FY24. The profit for the company grew by a whopping 94.8% on-year, from a profit of Rs 115 crore in Q4 FY23.<\/p>\n

The IT firm\u2019s annual net profit for fiscal 24 stood at Rs 808 crore, up 16.5% year on year. Consolidated revenue<\/a> stood at Rs 2,358 crore in the just concluded quarter, up 1.5% sequentially and 8.7% on-year. Margins stood at 19% in Q4 up from 18% in Q3 FY24.<\/p>\n

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Coforge’s fresh order intake more than doubled to $774 million from $301 million a year earlier during the March-ending quarter that also saw the company signing a $400 million deal. <\/p>\n

The Noida-based IT firm also announced its plans to acquire 54% stake in Cigniti Technologies at a per share price of Rs 1,415. The acquisition<\/a> process is expected to be completed by Q2 FY25. Revenue of Cigniti for FY 24 was Rs 814.47 crore and profit after tax was Rs 94.79 crore in the same period.<\/p>\n

Sudhir Singh, CEO, Coforge, said, \u201cFY24 was an exemplary year where the firm grew 13.3% in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24. The $400 million TCV (total contract value) deal signed in Q4, the 56% YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins.\u201d<\/p>\n

The company believes the acquisition of Cigniti Technologies will help increase its revenue to $2 billion by fiscal 2027. It also plans to improve its operating margin by 150\u2013250 basis points during the same period. Post this transaction, acquirer (Coforge) is expected to have an enhanced revenue distribution across industry verticals and geographies, said the company in its filing with BSE.<\/p>\n

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Coforge added 1,502 employees in FY24 to end the year at 24,726. Its attrition rate fell from 12.1% in Q3 to 11.5% in Q4. Utilization increased by 130 basis points to reach 81.7% in Q4, from 79.4% in December quarter.The company\u2019s board recommended an interim dividend of Rs 19 per share and the record date for this will be 15th<\/sup> May 2024.<\/div>\n


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Coforge\u2019s net profit declined by 6% quarter on quarter (QoQ) at Rs 223 crore in the March quarter of FY24. The profit for the company grew by a whopping 94.8% on-year, from a profit of Rs 115 crore in Q4 FY23. The IT firm\u2019s annual net profit for fiscal 24 stood at Rs 808 crore, […]<\/p>\n","protected":false},"author":2,"featured_media":41361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[5347,43195,43196,1955,3586,2111,34620,498,7871,2891],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/41360"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=41360"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/41360\/revisions"}],"predecessor-version":[{"id":41362,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/41360\/revisions\/41362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/41361"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=41360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=41360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=41360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}